Substack Is Private. Here’s How Investors Can Play It
No, Substack is not publicly traded. Retail investors can’t buy Substack stock directly today, so the realistic paths are waiting for an IPO or using public proxies like Spotify and The New York Times.
No, Substack is not publicly traded. Retail investors can’t buy Substack stock directly today, so the realistic paths are waiting for an IPO or using public proxies like Spotify and The New York Times.
Substack has become one of the most closely watched names in creator media because it sits at the intersection of publishing, podcasts, video, and paid subscriptions. The company just raised a $100 million Series C at a reported $1.1 billion valuation, which only adds to the curiosity around whether retail investors will ever get a chance to own it.
That’s why people keep searching for how to invest in Substack: it’s a fast-growing platform with cultural relevance, but it’s still a private company. Here’s what Substack does, whether it’s public, what an IPO would require, and the realistic ways investors can get exposure today.
What is Substack?
Substack is a subscription publishing platform for independent writers, podcasters, and creators. Its own materials describe it as a subscription network and “the app for independent voices,” with products spanning writing, podcasts, video, chats, and subscriptions.
The company was incorporated in Delaware in November 2017 and is headquartered in San Francisco, with offices in New York City and London. Substack says it has more than 150 employees, more than 35 million monthly active subscriptions, and 2 million paid subscriptions in SEC materials from 2023. It does not publicly disclose revenue in official filings; one third-party estimate put annualized revenue at $45 million in July 2025.
Is Substack publicly traded?
No, Substack is currently a privately held company, so there is no public ticker you can buy on an exchange. The company identifies itself as Substack Inc., and its public materials say it is backed by private investors.
Because it is private, ordinary retail investors do not have direct access to the stock through a brokerage account. Ownership is held by founders, employees, and venture investors, but the full cap table is not publicly disclosed.
When will Substack go public?
There is no filed S-1 for Substack, and I found no official company statement saying it is preparing to go public. In July 2025, the company announced its $100 million Series C and said “Now we go big,” but that was not an IPO announcement.
The most recent disclosed valuation is $1.1 billion from that Series C. Until Substack files IPO paperwork or says more directly that it plans to list, any IPO timing talk is speculation. Investors should watch for an S-1 filing, hiring tied to public-company readiness, and any explicit comments from management.
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For retail investors, the first realistic option is to wait for an IPO. If Substack ever lists, you’d typically buy shares through a brokerage when trading begins, or try to get allocation through an IPO-access program if your broker offers one. Right now, there is no public listing to buy.
There is no public parent company here, so there is no parent stock to use as a workaround. The practical public-market route is to look at comparable companies that benefit from similar trends in subscriptions, creator monetization, and audio publishing. For private access, secondary markets such as Forge, EquityZen, and Hiive can sometimes list private-company shares, but those venues are generally limited to accredited investors and availability is not guaranteed.
For most retail investors, the honest answer is that you cannot directly buy Substack today. If you want exposure to the theme now, the better path is usually to study the public comps rather than chase a private-share workaround that may not exist.
Closest publicly-traded alternatives
The closest public comp is Spotify (SPOT), because Substack’s podcast and audio ambitions overlap with Spotify’s creator and distribution ecosystem. Spotify and Substack even announced a podcast integration in 2024, which makes SPOT a natural public-market proxy for investors tracking creator audio.
The New York Times (NYT) is another useful comparison because it is a subscription-first media business with paid audience monetization. BuzzFeed (BZFD) is a looser comp, but it gives investors exposure to digital media and creator/content monetization, even though its business quality is very different from Substack’s.
Recent news
Substack’s biggest recent development was its July 17, 2025 Series C: $100 million led by BOND and The Chernin Group, with participation from Andreessen Horowitz, Rich Paul, and Jens Grede. Reuters reported the round valued the company at $1.1 billion, and BOND’s Mood Rowghani is joining the board.
On the product side, Substack has kept expanding its platform. In 2024 it launched Creator Studio for video creators, and in August 2025 it said anyone can now pay for a Substack subscription in iOS. The company also announced a Spotify podcast integration in April 2024 and a partnership with More Perfect on the “In Pursuit” initiative in September 2025.
Verdict
Substack is a private, venture-backed company with real momentum, but there is no direct retail stock to buy today. If you want ownership, the only clean path is to wait for an IPO that has not been announced.
For now, the actionable move for most investors is to use public proxies like SPOT, NYT, and, more loosely, BZFD. Private secondary markets may offer access to accredited investors, but that is not the same as a normal public-market purchase and it is not guaranteed to be available.
▌Common Questions
Frequently asked questions
+Is Substack publicly traded?
No, Substack is currently a privately held company, so there is no public ticker you can buy on an exchange. The company identifies itself as Substack Inc., and its public materials say it is backed by private investors.
+When will Substack go public?
There is no filed S-1 for Substack, and I found no official company statement saying it is preparing to go public. In July 2025, the company announced its $100 million Series C and said “Now we go big,” but that was not an IPO announcement.
+How can you invest in Substack?
For retail investors, the first realistic option is to wait for an IPO. If Substack ever lists, you’d typically buy shares through a brokerage when trading begins, or try to get allocation through an IPO-access program if your broker offers one. Right now, there is no public listing to buy.
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